According to the Ministry of Finance, the Ho Chi Minh City Stock Exchange (HoSE) has been working diligently with the Hanoi Stock Exchange (HNX), the Vietnam Securities Depository, Clearing and Settlement Corporation, the KRX contractor, and market members to prepare the technical infrastructure and finalize the legal documents. They have also been developing a transition plan and conducting dry runs to ensure the KRX system is ready for operation.
The Ministry of Finance provides an update on the KRX system operation plan.
The Ministry emphasizes that this is a comprehensive information technology system for organizing and operating the securities market, encompassing registration, depository, trading, and settlement processes. Therefore, certain precautions related to system security and member readiness must be carefully addressed before commencing operations.
HoSE is actively collaborating with relevant units to conduct additional testing and evaluation of the system’s performance. Based on the test results and reviews, the investor will report the next implementation roadmap to the Ministry of Finance.
Previously, HoSE anticipated that the KRX system would be operational by May 2nd. However, according to the managing agency, the system did not go live as planned due to missing procedures from HoSE and the unreadiness of securities companies for connection.
Regarding the market upgrade, the Ministry of Finance has been vigorously implementing solutions to meet the criteria for Vietnam’s market upgrade. They have drafted circulars amending and supplementing four circulars related to trading, registration, depository, and settlement, securities company operations, and information disclosure.
Additionally, they have maintained regular communication and collaboration with market members, particularly securities companies and custodian banks, through a series of meetings and discussions. This ensures that market members are well-informed and prepared in terms of systems, resources, and governance solutions when the circulars are issued.
The Ministry has also proactively engaged with international rating organizations and major international investors to communicate the government’s and the Ministry’s determination and concrete solutions. These organizations and investors have expressed positive assessments of the commitment and ongoing efforts.
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